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Tax levy jumps to 7 per cent if expansion projects approved

If all expansion projects are approved, the previously amended tax levy increase of 6.08 per cent will jump to seven per cent
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City hall in Stratford.

Additional items could bring the city's tax levy increase to 7 per cent. 

At the most recent Finance and Labour Relations Committee meeting, an updated status on the draft budget was presented by Karmen Krueger, director of corporate services and treasurer for the City of Stratford. 

Since the last budget meeting, additional items brought up the estimated increase to 6.08 per cent -- before the expansion projects. 

 A number of expansion projects were presented by Krueger, though only two items had a dollar amount attached to them. 

A sum of $125,000 is requested for strategic priorities and $22,000 is requested for a cemetery utility vehicle. 

The Grand Trunk Block next steps, social services, the active transportation bike lanes project, water/wastewater enhancements, and cloud permitting software need funding – though Krueger noted that the city is looking to fund these through other means. 

The Grand Trunk Block next steps, for instance, would be funded by a reserve fund that has developed over time. Over $2.5 million is in the fund at the moment. 

Additionally, Krueger informed the committee that the City was unsuccessful in securing grant funding for a bike lanes project. Should the project still get underway, what was initially outlined as $470,000 would now cost the city $1,175,000.

If all expansion requests are made, the budget will increase 7 per cent. 

After looking at how the taxes are spread across all the different property types, the expected residential tax rate increase is 4.61 per cent. 

The committee voted to incorporate the amendments to the draft 2023 budget, with more budget meetings to follow. 

The next Finance and Labour Relations Committee meeting is scheduled for Feb. 7, 2023.